BUSD users will be able to convert Busd to other stablecoins until February 2024

[wxa7115]

This could be an important thing to care about. We are talking about a whole company, has a product that has been purchased with billions of dollars, closing down shop due to government pressure. This is a big deal and I think it should be important to realize that we are going to see a lot more of this in the future as well.

I hope that it gets to a point where we need to make sure that it is not doing that well, it should be considering it a bit different on the long run and should be doing fine. I get that BUSD is not the only one, but how do we know that USA will not pressure USDT into doing the same thing? What happens if they attack every stablecoin and then make their own CBDC and force everything else to close shop?

I really think this is coming for sure and this is the first step, if they can really force the hand of binance which is one of the most important companies on this market, then how long is it going to take for the US government to force the hands of every single company out there and force them to accept their CBDC?

In that case we may be left with only decentralized stable coins and I really think the US will attack those coins as well as it is on their best interests that everyone uses their new version of fiat.

[usekevin]

Currently the BUSD was good coin,the stable coin was listed against the BUSD and USDT.Since the BUSD can be convert to USDT without any loss,the trader can convert their holding BUSD to USDT.So they can buy the stable coin using the BUSD and convert to all the stable coin.The stable coin only give huge return to the trader in long run.Since the BUSD itself the good coin,many traders holding BUSD compared to the ETH,BTC.If the new US government had made the law in favour of cryptocurrency in 2024,the cryptocurrency will rule this world.

[Husires]

Currently the BUSD was good coin,the stable coin was listed against the BUSD and USDT.Since the BUSD can be convert to USDT without any loss,the trader can convert their holding BUSD to USDT.So they can buy the stable coin using the BUSD and convert to all the stable coin.The stable coin only give huge return to the trader in long run.Since the BUSD itself the good coin,many traders holding BUSD compared to the ETH,BTC.If the new US government had made the law in favour of cryptocurrency in 2024,the cryptocurrency will rule this world.

I do not think this is a good thing. You have until February 2024 before binance lifts full responsibility for this currency, which is about 5 months, and by then its price may be less than $1. Therefore, if you have any of them, start selling now. The trading pairs for this currency have become much lower. Which means that demand will decrease, and this means it is impossible to maintain the price of one dollar in the future or at any time after February 2024.

[tjtonmoy]

The first is BUSD, what will be the next one? Although I am a Bitcoin believer, I don't care about stablecoins but while converting our assets for profits, we do really need stablecoins to better understand the amount that we are making. Or to keep a stable value while we wait for the next opportunity to buy.
Binance has been going through some tough times and maybe this is the result of that. But it makes me wonder, what if this is not the case and they are targeting BUSD for no particular reason? What if it is only the tip of the iceberg?

As the governments do not want a massive adaptation of crypto or Bitcoin, they will take any possible measure to prevent if from happening. Maybe BUSD is just the start. What's coming next? Is it really good or bad? Well, let's see what happens. It's only a matter of time.

[nelson4lov]

The first is BUSD, what will be the next one? Although I am a Bitcoin believer, I don't care about stablecoins but while converting our assets for profits, we do really need stablecoins to better understand the amount that we are making. Or to keep a stable value while we wait for the next opportunity to buy.
Binance has been going through some tough times and maybe this is the result of that. But it makes me wonder, what if this is not the case and they are targeting BUSD for no particular reason? What if it is only the tip of the iceberg?

As the governments do not want a massive adaptation of crypto or Bitcoin, they will take any possible measure to prevent if from happening. Maybe BUSD is just the start. What's coming next? Is it really good or bad? Well, let's see what happens. It's only a matter of time.

I'm not surprised that the government came after BUSD. Binance heavily shilled BUSD and were seriously fronting it. For an exchange that powerful to spearhead the rise of their own stablecoin, it didn't seem right. Given the fact that Binance delisted and eliminated USDC from their platform and bumped up the fees for TRC20 withdrawal of USDT (along with other networks) which used to be Zero but kept withdrawal fees for BUSD free.

The reason for BUSD clampdown by regulators is pretty straightforward to me.

[tjtonmoy]

~Snip

Binance is the reason behind its own downfall. Seems reasonable to me but what if it's only the tip of the iceberg? As I said before, there could be other reasons behind this. They came up with something of their own. The government wants something that they can control. So they launched CBDC. Stablecoins are the only thing that directly challenges the CBDC.

Well, these things don't matter too much. You are already under the control of a centralized entity. You will just change the entity that will control you. From a centralized company to the government.

As they have stated clearly, Bitcoin does not carry any security, unlike other altcoins that they are targeting specifically. So I have nothing to fear. Bitcoin forever.

[Hamza2424]

~Snip

Binance is the reason behind its own downfall. Seems reasonable to me but what if it's only the tip of the iceberg? As I said before, there could be other reasons behind this. They came up with something of their own. The government wants something that they can control. So they launched CBDC. Stablecoins are the only thing that directly challenges the CBDC.

Hmm, CBDC's well, buddy it doesn't matter for now at least currently what we are looking at is how Binance will take up their strategy to service as for the stablecoin BUSD I think it won't create any void in the market as there are already projects coving up the space. I would like to ask how Binance is the reason for the

Well, these things don't matter too much. You are already under the control of a centralized entity. You will just change the entity that will control you. From a centralized company to the government.

As they have stated clearly, Bitcoin does not carry any security, unlike other altcoins that they are targeting specifically. So I have nothing to fear. Bitcoin forever.

Well, there's a point that what matters to you if you are already using a KYC-approved Binance account and using their service for the Stable currency, even if it gets replaced by CBDC who cares?

Hmm for the Bitcoin I would say it's not Bitcoin forever its Bitcoiners forever.

[nelson4lov]

~Snip

Binance is the reason behind its own downfall. Seems reasonable to me but what if it's only the tip of the iceberg? As I said before, there could be other reasons behind this. They came up with something of their own. The government wants something that they can control. So they launched CBDC. Stablecoins are the only thing that directly challenges the CBDC.

Well, these things don't matter too much. You are already under the control of a centralized entity. You will just change the entity that will control you. From a centralized company to the government.

As they have stated clearly, Bitcoin does not carry any security, unlike other altcoins that they are targeting specifically. So I have nothing to fear. Bitcoin forever.

It might be that it's just the tip of the iceberg, we never can tell (yet) . Binance already has an active lawsuit and I don't think the SEC will deploy it's resources to go after binance if there is nothing sketchy in their books or operations. As with all other centralized entities and intermediaries in the space, it's better to stick with what works ~ That's self custody.

[jaberwock]

The first is BUSD, what will be the next one? Although I am a Bitcoin believer, I don't care about stablecoins but while converting our assets for profits, we do really need stablecoins to better understand the amount that we are making. Or to keep a stable value while we wait for the next opportunity to buy.
Binance has been going through some tough times and maybe this is the result of that. But it makes me wonder, what if this is not the case and they are targeting BUSD for no particular reason? What if it is only the tip of the iceberg?

As the governments do not want a massive adaptation of crypto or Bitcoin, they will take any possible measure to prevent if from happening. Maybe BUSD is just the start. What's coming next? Is it really good or bad? Well, let's see what happens. It's only a matter of time.

This was actually the last one because other stable coins have already collapsed before. Some are lucky to survive but I think the people's trust towards them are not the same anymore. When converting, we can convert immediately to the currency that we prefer without needing to go for stable coin first.

Also, we can identify if how much we are going to make, even without the help of the stable coins. We can as well buy a crypto directly using different currencies and not really a stable coin. Binance could be going through tough times but the issue of BUSD is a different one. I don't think they target BUSD for no reasons because Binance will just ignore them. This news was bad of course but we need to carry on.

[tvplus006]

I really think this is coming for sure and this is the first step, if they can really force the hand of binance which is one of the most important companies on this market, then how long is it going to take for the US government to force the hands of every single company out there and force them to accept their CBDC?..

I think that when the CBDC appears on the market, there will be no need to force the exchanges to listing it, since the exchanges themselves will be interested in this. Because CBDC is the same USD and no one will be able to compete with it at this stage in terms of its reliability.

[dansus021]

I am just curious what happen if the user didn't know about this news, are they can't redeem the BUSD after February 2024?

Maybe Binance no longer support convert busd to other stablecoin but I do believe there is still much of there on Decentralized Finance Exchange. Like pancakeswap and 1inch.